Sanjeev Gupta Wants to Buy a Shipyard – Where He'll Melt Ships in a Furnace
08/27/2018 - Steel entrepreneur Sanjeev Gupta, whose Liberty House has been buying up distressed assets in the U.S. and the U.K., has his sights on another target – a failing shipyard in India.
According to Indian business news website livemint.com, Gupta is bidding on the debt-laden ABG Shipyard. But, as the website reports, he’s not interested in building ships. He wants to scrap them in a new mill he’d like to build there.
“The yard is well-located; it’s got a good shiplift. It can be used for breaking ships for scrap and that serves our green steel (recycled steel) objective,” he said.
Livemint has the full story here.
